In November 2023, a tiny red rectangle of paper sold in a New York auction room for $2 million.
In doing so, the Inverted Jenny became the world's first $2 million single US stamp.
On May 14, 1918 William T Robey paid just $24 for the sheet of 100 stamps from which it came.
William T Robey, fabled first owner of the Jennys.
So how did that stamp become a $2 million precious gem?
After all, the Inverted Jenny is not the rarest stamp in the world. It's an error, yes. And a very scarce one. But plenty of other stamps fit that bill and don't become what its new owner called "the Holy Grail of stamps".
The Jenny's appeal and value is a perfect philatelic storm that brings together the key factors for stamp desirability.
1 - Scarcity:
All collectibles are somehow rare.
And stamps are usually exceedingly common. Some were printed in their billions.
The exceptions are what stamp collectors love - errors, withdrawn stamps, unused stamps that are commonly found used, used stamps that are commonly found mint...
Errors are caught and destroyed by postal authorities when spotted, and just 100 of these upended prints made it over post office counters.
After William T Robey snapped up that sheet he reported the error. Any other inverts were weeded out and destroyed.
It was a great decision, and helped him sell his first sheet for a very good price. Though, he was unsure whether there were no other sheets in circulation and could have got more than the $15,000 he settled for.
2 - Visual appeal:
There's no mistaking the Jenny.
Most stamp errors are low key.
Many inverts can only be spotted by squinting at a water mark.
But the Jenny was printed in 2 stages; frame and central image separately.
The resulting surreal vision of an upside-down Curtiss JN-4 (the JN is the source of the Jenny nickname) is one of the most extraordinary pictures in all of philately.
Jennys look great, they're very obviously and hilariously wrong.
A rarely seen right-way-up Jenny.
3 - Philatelic distinction:
1918 was a landmark year for the US Post Office.
And the upside down plane on the Jenny was part of the story.
As the first airmail stamps issued by the US Post Office, Jennys would have been a collector’s item to some extent.
Serious stamp collectors are usually seriously into postal history. They love landmarks like this.
Jennys are so popular they even mock up die proofs for museum display.
4 - Provenance and proof
William T Robey was lucky.
But he was also an expert collector who predicted the error would occur.
As we've seen, he sold his sheet in one lot to a dealer for $15,000.
So the Jennys went straight into the collecting community by a relatively orderly process.
Since then they have been tracked.
The condition of most is certified. Some are named. All are numbered. You can even find biographies of most of their owners on line.
Jennys must be among the best documented stamps in postal history.
5 - The Legend:
We're robbing ourselves of something if we try to make collecting of any sort too scientific.
It's about stories, and history, and chance.
Jennys have been making the news since the day they were released.
The Jenny has all that in spades.
It's still just a rectangle of slightly brittle, gummed paper, a fraction over an inch along its long upper side.
With an unforgettable image, an unbelievable discovery story, a catchy name, a round number of survivals...
I'm waiting for Inverted Jenny, the Movie.
Looking for your Inverted Jenny
Paul Fraser Collectibles has one of the best stamp collections in the world.
And it's here for you to browse now.
Our contacts mean we might well know just the buyer for any stamps you're trying to sell to0.
Contact us now on info@paulfrasercollectibles.com or +44 (0)1534 639 998.
